Toxey, Alabama Property Taxes
The median property tax rate in Toxey, AL is 0.25%, significantly lower than both the national median of 0.99% and the Alabama state median of 0.47%. With the median home value in Toxey at $48,710, the typical annual property tax bill is $116, far below the national median of $2,690. Property taxes in Toxey are calculated based on the tax assessed value, which is often lower than the market value due to exemptions like the primary residence and agricultural exemptions. Understanding Toxey's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Toxey or another part of Choctaw County, grasping the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Toxey, Alabama Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.47%
Estimate Property Tax Bill
$940
Ownwell’s Toxey Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Toxey with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Toxey to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Toxey, Alabama
Property taxes in Toxey, Alabama, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Toxey is 0.25%, significantly lower than both the Alabama state median and the U.S. national median of 0.99%. Local government entities within Toxey set these rates annually, and they can vary significantly across different neighborhoods. Each year, Toxey estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Toxey's effective property tax rate to other counties in Alabama and the national median. Understanding how Toxey's property tax rate compares with other areas provides valuable insights into the varying tax landscape across Choctaw County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Toxey Tax Rate
0.25%
Average Choctaw County Tax Rate
0.29%
Average Alabama Tax Rate
0.47%
Average United States Tax Rate
0.99%
Property Tax Rates Across Toxey, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36921 | 0.14% | 0.19% | 0.25% | 0.32% | 0.32% |
Source: Ownwell
Property Tax Assessment Values Across Toxey, Alabama
In Toxey, Alabama, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Choctaw County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Toxey, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Toxey helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median tax bill in Toxey ranges from $53 at the 25th percentile to $381 at the 90th percentile, with the highest and lowest median tax bills both recorded at $116 in zip code 36921.
Average Toxey Assessed Value
$48,710
Average Choctaw County Assessed Value
$48,430
Average Alabama Assessed Value
$149,600
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Toxey, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36921 | $14,970 | $25,902 | $48,710 | $90,092 | $127,515 |
Source: Ownwell
Property Tax Bills Across Toxey, Alabama
In Toxey, located in Choctaw County, AL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The median home price in Toxey stands at $48,710. Property tax rates in this area are relatively lower compared to the national median property tax rate of 0.99%. The tax bill can vary significantly depending on the specific assessed value of the property. For instance, homeowners in the 25th percentile might see a tax bill around $53, while those in the 75th percentile could pay approximately $227. At the higher end, in the 90th percentile, tax bills can reach up to $381. The highest and lowest median tax bills in the area are both recorded at $116 in the zip code 36921. These property taxes contribute to local services and infrastructure, impacting the overall cost of homeownership. Understanding these factors can help homeowners better manage their finances and anticipate annual expenses.
Average Toxey Tax Bill
$116
Average Choctaw County Tax Bill
$120
Average Alabama Tax Bill
$717
Average United States Tax Bill
$2,690
Property Tax Bills Across Toxey, Alabama
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 36921 | $33 | $53 | $116 | $227 | $381 |
Source: Ownwell